Profit & loss account

IB Business Management: Profit & loss account

Also known as the income statement, the profit & loss account shows a firm’s net profit (or loss) after all production costs have been subtracted from the organization’s revenues, each year. The prescribed IB format for the profit and loss account is shown below:Profit & loss account for (Company name), for the year ended (date)$Sales revenue700,000Minus Cost of goods sold

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